Loan Program FAQs: Do I Qualify?

As of June 5, 2023

1. I filed for bankruptcy in the past. Do I qualify for a loan?

If you filed for bankruptcy, either business and or personal at any time in the past, you do not qualify for our programs which offer loans up to $100,000.
However, if the bankruptcy was more than five (5) years ago, you may be considered for one of our conventional loan programs.

2. I have an existing tax lien. Do I qualify for a loan?

If the tax lien was filed within the last three (3) years, you do not qualify for our Microloan Program which offers loans up to $100,000.
However, you may be considered for a conventional BCF Loan if the lien has been dispositioned – paid or with a current payment plan in place.

3. Is there a minimum credit score to be considered for a loan from BCF?

For loans up to $15,000, a minimum credit score of 620 for all guarantors will be required.
For all loans over $15,000, a minimum credit score of 650 will be required. Scores lower than 650 will be considered on a case-by-case basis.

4. Does my business need to be MBE certified to be considered for a loan with BCF?

While it is not mandatory that your business be MBE certified, we highly recommend and encourage that you obtain certification from either the National Minority Supplier Development Council (NMSDC) or a state agency, or be active in the federal government’s SBA 8(a) program.